Russia’s Sberbank Launches Indian Rupee Accounts For Individuals

Russia’s Sberbank Launches Indian Rupee Accounts For Individuals

Russia’s dominant lender, Sberbank has launched Indian rupee accounts for individuals.

Aim: To expand the range of foreign currencies available to reduce dependency on the U.S. dollar and euro

Sberbank has more than 100 million retail clients and already offers deposits in China’s yuan and UAE dirhams. Rupee accounts would also be available to clients. Sberbank would also raise rates on dirham deposits by 100 basis points for a six-week period.

The bank's finance chief said earlier that Sberbank will issue bonds in Chinese yuan this year if an opportunity arises and will continue borrowing in roubles to drive portfolio growth.

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